
Lessons to learn from Netflix’s disruptive innovation
You turn on Netflix to kill maybe an hour of boredom. You scroll through, find something that catches your eye and boom – three hours later, you’re neck deep into a TV marathon that you just can’t quit.
And behind this seemingly unstoppable appeal of Netflix in today’s vast ocean of content, is their dedication to disruptive innovation – how they constantly change and adapt themselves to stay relevant.
So put down that remote just for a bit, and let’s look at some lessons we can learn from Netflix!
Original content always wins
Arguably their biggest innovation, Netflix Originals have become somewhat of a household phrase. With both crowd-favourite and critically-acclaimed dramas under their belt, Netflix proved that original content, if done right, can be a winner for a company and contribute to its branding.
Loyalty pays off
One of the biggest accomplishments of Netflix is how it retains its customer base. In a world where people constantly seek new thrills and habits, Netflix has defied the odds and managed to become a staple in many people’s lives. Netflix’s switch to a subscriber model came at a time where people were settling for on-demand content. Today, video streaming is hotter than ever before. The concept of letting users enjoy content whenever they want, as many times as they want with no due dates or penalties has truly revolutionised the industry.
And Netflix goes the extra mile to make their users feel appreciated, with anything from electronic direct mailers to recommendations and curated lists for each individual. This has certainly paid off, as the company has over 125 million subscribers in 190 countries as of Q1 2018.
Lesson learnt: know what your audience wants. Know their frustrations and figure ways to overcome it. That is the first step to disruption.
The power of multiple platforms
You’re never far from Netflix. Whether on your desktop, mobile, or even your gaming console, the Netflix logo is there.
This dedication to being ubiquitous is deliberate on Netflix’s part. They’ve partnered with everyone from makers of set-top boxes to telecommunications companies to make their services available on multiple platforms. This gives people the freedom to decide when and how they want to consume content, and with so many options available, it’s tough to ever get Netflix out of your sight.
After all, innovation begins at the end of your comfort zone. Don’t be afraid to disrupt, know your users’ frustrations and embrace the risk that comes with any new idea and you might just be the next Netflix!
To get stories like these delivered straight to your inbox, sign up for RICE’s newsletter!